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Financial New Year’s Resolution for 2010

2009 bid farewell for 2010 to take over. As the year opens, people would be working on their new year’s resolution and getting back in shape after the loads of food on the holiday season. It is also important to start the year by settling your finances and free yourself from the debts you have last year. Free yourself and get over it! Here’s the list of 10 financial new year resolutions to help you manage your expenses.

1. Prioritize your Debts.

Now is the time to pay back all the investments and important things you bought in 2009. Don’t let your debts call your attention. In your list of your financial obligations, the most expensive one should be paid immediately. Credit card debt is usually the ones with high rates. Rank the most expensive down to the very least and start budgeting your money to pay the bills.

2. Don’t forget the basics.

We can use alternatives aside from the new technologies emerging that can be expensive that can help us through our everyday lives. Instead of spending too much electricity at home, turn off the ones you don’t use. Open the windows and let the open air cool you. It’s simple and you can save on the expenses you have for paying your electricity bill. And as much as possible, do not rely too much on home cleaning services When planning to clean your house. Do it yourself whenever you have an ample time. Cleaning services’ rates can be expenssive especially if you need their service every other week.

3. Spend less, save more

It’s difficult to resist temptation whenever we go shopping. You must remember that a thing that you want is different from a thing that you need. Buy the things what you only need and don’t rely too much on your credit card. Use your credit card for emergency purposes only (e.g. you run out of cash, etc.). This can help you lessen your credit card debts. Use cash for your expenses as much as possible.

Get one now if you don’t have it yet. Sustain the monthly payment for it because it can help you more than you ever think it would be. Cheaper and expensive insurance has a big significance, so check on it if you’re getting it.

5. Start a pension

A rule of thumb in pension is that, you should pay half your age as a percentage of salary to afford a reasonable retirement. So now, start getting a pension. The earlier, the better.

Transfer to a cheaper and more variable rate deal if your mortgage is coming to an end.

7. Claim all the benefits you are entitled in to.

We should not forget to claim the things we are entitled since we pay taxes all our lives. Many of the people do not realize the help that are available for them. Know your benefits and rewards.

8. Close unnecessary and useless accounts

Do you really need to have several banking accounts? Although banks and financial institutions charge everything for free, the $8 charge for your checking account can sum upto $8,500 and can add up to your taxes!

9. Reward yourself

Life is not as easy as before, now you have to put a lot of effort to achieve success. Don’t put things seriously especially the ones that stresses you. Relax and smell the flowers in the garden. Pamper yourself. have yourself a treat, and it doesn’t need to be expensive.

10. Be generous.

Yes, you got it right. Although the tips are more of saving and trimming the expenses, it is always better to give something than to receive. Giving money is one of the most effective ways to realize the value of it. You’ll never know how much promise a $20 contains. Your genuine generosity to someone will be remembered for the years to come. A powerful way of changing people’s lives for the better is giving them financial freedom.